Now, the Hong Kong billionaire businessman Li Ka-shing, who controls the company through the conglomerate Hutchison Whampoa, is reportedly in talks to purchase O2 from Telefonica. Discussions about a potential deal are in the early stages. Li-shing, 86, has a net worth of $33.5 billion, according to Forbes.

The Guardian notes the sale could grant Three 23 million of O2's customers. O2 is the UK's second largest mobile network company, second to EE, and the Sunday Times writes that the acquisition would "herald a further shake-out in the telecoms business".